Twin Cities Metro-Certified Development Company v. Stewart Title Guaranty Company, Stewart Title of Minnesota, Inc.

OPINION

HOOTEN, Judge.

On appeal from summary judgment, appellant insurer argues that respondent insured sustained no loss under a lender’s title insurance policy and that the district court erred in its interpretation of what constitutes a covered loss under the policy. Because the district court misconstrued the definition of actual loss under the policy, we reverse and remand.

FACTS

In October 2007, Red Wing Lodging obtained a $3.8 million loan from lender Prime Security Bank to develop a hotel in Red Wing as part of a loan program run by the United States Small Business Administration. In…